People keep searching for tax-saving tools. But did you know that there is an effective tax-saving mechanism right in your home? Yes, and that is a Hindu Undivided Family (HUF). An HUF consists of the Karta as the head of family and all family members as coparceners. Broadly, an HUF consists of a common ancestor […]
Hindu Undivided Family Can Be A Tax-Saving Tool Read More »
The Income Tax Department will refund the excess interest and late fee paid by taxpayers due to software error while filing ITR for 2020-21. The last date for filing returns for last financial year has been extended till September 30 this year from July 31. However, some taxpayers complained that interest and late fee were
The Kerala High Court recently ruled that salaries paid to nuns and priests of religious congregations, working as teachers in educations institutions are liable for tax deduction at source while dismissing a batch of nearly 50 writ appeals. A Division Bench of Justice SV Bhatti and Justice Bechu Kurian Thomas upheld the rider of a Single Bench and observed that such
With glitches still haunting the new income tax portal, Finance Minister Nirmala Sitharaman on Wednesday said she wished the Infosys-developed website did not have such a launch but hoped issues will be sorted out soon. Sitharaman said Infosys had done trial runs before the June 7 launch but users faced technical issues in accessing the
FM Sitharaman : Income Tax Portal Issues To Be Resolved Soon Read More »
It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of such gifts received. General Provisions for taxation of Gifts in India Before abolition of the Gift Tax Act in 1998 the donor (giver of the gift) was required to pay gift tax on the value
Income Tax Rules On Gifts Received On Marriage Read More »
Services of NACH will now be available seven days a week. Currently, facilities are available only when banks are open, from Monday to Friday. You no longer have to wait for a working day for important transactions like salary, pension and EMI payments. RBI has changed the rules of the National Automated Clearing House (NACH).
Suggestions in respect of the glitches on the New Income Tax portal were invited online. More than 700 emails detailing over 2000 issues including 90 unique issues/problems in the portal were received from various stakeholders including ICAL tax professionals and tax payers. Moreover, multiple interactions have been held with the representatives from ICAI and tax
New Income Tax E-Filing Portal – 90 Unique Problems Received Read More »
The Indian government has been extolled for the many new initiatives on the digital front that has been introduced encompassing various aspects of the economy. Digitalisation has taken the world by storm and India has also been in the forefront of introducing new digital measures across the economy. This year’s Budget was also a digital
New Income Tax E-Filing Portal: A Leading or A Limping Solution Read More »
Income Tax Deductions for AY 2021-22: The Income Tax Return (ITR) filing season has started. The Central Government recently increased the deadline for ITR filing for the assessment year 2021-22 from July 31 to September 30, 2021, in view of the second wave of Covid-19 pandemic and the subsequent difficulties faced by taxpayers. As you now
Salaried Employee: Payments, Investments And Incomes Will Give You Tax Benefits In 2021 Read More »
